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Plase answer the following request: Discuss two ways this economic system is different from capitalism
Answer:
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The Economic System of socialism differs from capitalism in two major ways. Firstly, the focus of economic production in socialism is on societal needs rather than an individual's power. In socialism, the goal of production is to provide the collective good, rather than focusing on what will bring the most profit. Additionally, unlike capitalism, socialism is based on the notion of collective ownership. That is, public ownership of the means of production, rather than individual ownership of capital and land as seen in capitalism.